This paper concentrates on the central link between productivity and knowledge capital, and shifts attention from firms and industries to regions. The objective is to measure knowledge elasticity effects within a regional Cobb- Douglas production function framework, with an emphasis on knowledge spillovers. The analysis uses a panel of 203 European regions to estimate the effects over the period 1997-2002. The dependent variable is total factor productivity (TFP). We use a region-level relative TFP index as an approximation to the true TFP measure. This index describes how efficiently each region transforms physical capital and labour into outputs. The explanatory variables are internal and out-of-region stocks of knowledge, the latter capturing the contribution of interregional knowledge spillovers. We use patents to measure knowledge capital. Patent stocks are constructed such that patents applied at the European Patent Office in one year add to the stock in the following and then depreciate throughout the patents effective life according to a rate of knowledge obsolescence. A random effects panel data spatial error model is advocated and implemented for analyzing the productivity effects. The findings provide a fairly remarkable confirmation of the role of knowledge capital contributing to productivity differences among regions, and adding an important dimension to the discussion, showing that knowledge spillover effects increase with geographic proximity. (authors' abstract)

This thesis deals with various issues regarding determinants of US corporate credit spreads. These spreads are estimated as the difference between yields to maturity for corporate bonds and default-free instruments (Treasury bonds) of the same maturity. Corporate credit spreads are considered as measures of default risk. However, the premium required by investors for holding risky rather than risk-free bonds will incorporate a compensation not only for the default risk but also for other factors related to corporate bonds such as market liquidity or tax differential between corporate and Treasury bonds. In this study we firstly examine the relationship between bond ratings and credit spreads given that bond rating changes are expected to carry some informational value for debt investors. The findings indicate that bond ratings generally carry some informational value for corporate bond investors. The Granger causal relationship is more evident for negative watch lists and during periods of uncertainty in financial markets. In line with previous studies, our results suggest that changes in credit spreads are significantly related to interest rate levels, systematic risk factors (Fama and French) factors and equity returns.

The opening up process of the central and eastern European (CEE) countries marked new beginnings in terms of greater integration of trade and foreign direct investment (FDI) with Western Europe. Adopting a two-stage out-of-sample gravity equation approach to predicting East West trade patterns, a panel data set of bilateral exports from twelve EU countries to twenty OECD partner countries is estimated over the 1992-2003 period to examine how integrated the CEE countries are with the West European countries. In general, countries which are initially less well-integrated with the EU have strongest trade potential: among the EU accession countries, the potential candidate countries look set to benefit most whereas the mixed trade ratios among the EU associated countries reflect very diverse economic structures. Using a similar approach to project East West FDI patterns, the potential to actual ratios of FDI stocks indicate a very uneven distribution of FDI among the eleven CEE countries. The FDI stock ratios accord with patterns of regional specialisation for the Czech Republic, Hungary and Poland and suggest greatest FDI potential lies with the two latest accession countries. As the West European countries represents the CEE countries main trading partners and their main sources of FDI, the nature of the trade-direct investment relation among the group of EU OECD countries is of potential importance to the CEE countries. Merging the determinants for both trade and FDI into one model and estimating the merged model as a trade equation and as an FDI equation, the EU OECD patterns of FDI are characterised by both horizontal FDI (HFDI) and vertical FDI (VFDI). The dual role of HFDI and VFDI is supported when the general model of trade and FDI determinants is estimated using an instrumental variables method and when the additional price variables of FDI and trade are interpreted as cross-price elasticity effects. In a competitive world, attracting more FDI to the CEE countries may not only mean catering to the traditional MNE motives, but can also depend on transition-related factors and host country policies. Using a panel data set of bilateral FDI flows from twelve EU countries to eleven CEE countries, the traditional determinants of direct investment along with the liberalisation process and infrastructure endowments are found to significantly affect FDI over the 1994-2003 period.

本研究旨在探討銀行往來家數對企業績效及舉債成本之影響。根據過去研究，銀行往來家數對企業績效及舉債成本的影響無定論，因此本研究以46家國內一般銀行(包含本國銀行及外商銀行)承做台灣上市上櫃公司的借款作為研究對象，研究樣本自2005年至2014年共計10年的借款資料進行實證分析，依據三個模型，分成兩部分來說明實證結果:成長機會高及借款額度大之企業，採用Panel Data進行迴歸分析，來檢驗銀行往來家數對企業績效與舉債成本之關聯。 本研究假說認為成長機會高之企業與多家銀行往來，會有資訊洩漏之風險，但實證結果顯示，成長機會高之企業，銀行往來家數越多績效表現越好，推測原因為成長機會高之企業資金需求大，因而在企業機密資訊揭露與補足資金缺口兩者中，選擇與多家銀行往來以獲取足夠之資金;但在同樣成長機會高之企業樣本中，銀行往來家數對舉債成本無顯著影響。 另一方面，借款金額越大之企業樣本中，本研究實證結果顯示其績效表現沒有比較差，並且與多家銀行往來對績效表現沒有幫助; 一般來說，借款金額越大舉債成本越高，然而，本研究實證結果顯示借款金額大之企業與越多家銀行往來，會使得舉債成本下降，過去也有研究指出與越多家銀行往來，可以透過多家銀行協商，取得較佳的借款條件，與本研究實證結果相符。

Since 1975, the extent of catching-up has been very different across Southern regions. Starting from the common arguments of growth theory, the paper wishes to show whether differences in regional income and growth can be attributed to different endowment in human capital, differences in private or public investment level, to structural imbalances, and labour force participation. The investigated panel consists of regional time series for the period 1975 to 1994 and includes NUTS II level regions of Greece, Spain, and the Italian South. Estimation of the impact of the variables on regional income is effected in a dynamic panel data model applying a GMM estimation procedure. The results indicate that the income level of Southern EU regions is largely determined by employment/educational levels and past public investment, while the impact of private investment is not significant. One may follow that EU regional policies should predominately focus on the human factor. Assistance to member countries to upgrade public infrastructures may be continued, but private investment incentives should be curbed. (author's abstract) / Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"

The United States and Mexico share responsibility in preserving the quality of their international river system, the Rio Grande / Río Bravo, and several international treaties govern the quantity of water each country must give and take. Because no treaty establishes joint standards for the quality of the river, the North American Agreement on Environmental Cooperation (NAAEC) was created in 1993 as a declaration of principles and objectives concerning the conservation and the protection of the environment as well as a guide of concrete measures to further cooperate on these matters. One particular goal of the NAAEC was to improve water quality in the US-Mexico Border Region, ensuring a clean, safe, and reliable water supply for the area. Although the US and Mexican federal governments have made substantial technical and financial commitments through binational agencies like the North American Development Bank (NADB) and the Border Environment Cooperation Commission (BECC), few empirical studies have assessed the impact of binational expenditures on wastewater infrastructure in this region. This report uses longitudinal panel data regression models to estimate the impact of capital expenditures on water quality made by binational, federal, and state water quality management institutions from 1995 to 2012. This analysis considers expenditures made on both sides of the Rio Grande watershed that constitutes the international border, beginning with El Paso, Texas and ending in the Gulf of Mexico. / text

隱含波動度不對稱效果對選擇權市場參與者是很重要的，因為隱含波動度變大可增加選擇權買方的報酬相對的會減少選擇權賣方的報酬，並且對選擇權避險者來說是一種額外的風險。過去許多文獻皆已證實股票報酬波動度具有不對稱效果，所謂不對稱效果一般是指負向衝擊對報酬波動度增加的影響較正向衝擊大。然而多數研究是以條件變異數作為波動度的衡量，本研究則打算以選擇權之隱含波動度作為波動度的衡量。研究對象為歐洲期貨交易所交易之二十四家德國公司個股選擇權，利用EGARCH模型探討股票價格變動對個股選擇權之隱含波動度不對稱效果，研究期間從2000年2月14日至2001年12月31日。在不對稱效果成立之下，進而探討公司財務槓桿及公司規模對隱含波動度不對稱程度之影響。除以最小平方法模型分析並與Koutmos and Saidi(1995)對照外，更進一步以Panel Data模型加入公司效果或時間效果作為本研究最終目的的分析依據，研究期間從2000年至2001年。 本研究實證結果如下： 1.大多數公司股票選擇權之隱含波動度具有不對稱效果，也就是負向價格變動對隱含波動度增加的影響較正向價格變動大，只有兩家公司例外。 2.以最小平方法模型分析公司財務槓桿對隱含波動度不對稱程度的影響，實證結果與Koutmos and Saidi(1995)不一致，且不能支持Black（1976）所提出槓桿效果能用以解釋隱含波動度不對稱效果之假說，產生遺漏變數偏誤。 3.以Panel Data模型加入公司效果或時間效果之考量，分析公司財務槓桿對隱含波動不對稱程度的影響。實證發現隱含波動度不對稱效果可歸因於財務槓桿假說，此外證實存在時間效果但不存在公司效果。 4.公司規模會影響隱含波動度不對稱程度，兩者呈現正向關係。也就是說規模較大的公司對負向衝擊的反應較規模較小的公司敏感，實證結果與Koutmos and Saidi(1995)一致。

This thesis consists in a collection of research works dealing with various aspects of International Economics. More precisely, we focus on three main themes: (i) the existence of a world business cycle and the implications thereof, (ii) the likelihood of asymmetric shocks in the Euro Zone resulting from fluctuations in the euro exchange rate because of differences in sector specialization patterns and some consequences of such shocks, and (iii) the relationship between trade openness and growth influence of the sector specialization structure on that relationship. Regarding the approach pursued to tackle these problems, we have chosen to strictly remain within the boundaries of empirical (macro)economics - that is, applied econometrics. Though we systematically provide theoretical models to back up our empirical approach, our only real concern is to look at the stories the data can (or cannot) tell us. As to the econometric methodology, we will restrict ourselves to the use of panel data analysis. The large spectrum of techniques available within the panel framework allows us to utilize, for each of the problems at hand, the most suitable approach (or what we think it is).

2007年中次級房貸爆發後，美國信用評等機構的中立地位，受到質疑以及攻擊。回顧過去評等的，國際信評公司對美國恩隆(Enron)，在爆發前才降為「投機等級」；在亞洲金融危機發生之後，歐美信評公司普遍給予亞洲國家過低之評等，對亞洲地區經濟復甦造成一定程度之負面效應。一連串的金融事件引發了投資人對於信用評等效力的疑慮：信用評等還是能代表中立客觀的評價嗎？是否擁有較公開財務資料更多更完整的訊息？果真如此，對於問題的發生是否有發現及反應的能力？本研究利用相對買賣價差以及Panel data、Simultaneous Model檢測信用評等對股票流動性之影響，再進一步討論信評與財務結構的關係實證分析信用評等對台灣證券市場流動性存在正向關係，並且影響財務結構。本研究實証結果的價值是提供影響市場流動性的因素中，信用評等也是促成流動性的原因之ㄧ。信用評等所帶來的流動性提供了對投資者、金融機構以及資本市場更穩定並且更有效率的機制。

On the occasion of the thirtieth anniversary of China's economic transition, this thesis deals with several facets of the integration of Chinese domestic market over such an exciting era. Chapter 1 discusses first a variety of institutional reforms aimed at reinforcing the central control over regional affairs and improving the integration of domestic market. Several stylised facts about the local protectionism, which come from a recent survey implemented by a respected institution, are also illustrated in the chapter. Chapter 2 offers a brief review of the literature relative to China's internal integration. Generally speaking, the studies have proceeded along six major lines: similarity of production structure, price convergence, synchronization of business cycles, domestic trade linkages, interregional capital mobility and population migration. Chapter 3 examines the trade pattern within China. In the spirit of McCallum (1995), we find that after controlling for various traditional gravity factors, the trade flows within a Chinese province are 23 to 28 times as dense as those between provinces over the period of 1992-2003. Such findings suggest a highly fragmented product market within China. A trend toward market integration is, however, derived from the evolution analysis. The regressions by sub-period samples show that since the mid-1990s, the magnitudes of border effects have exhibited a dramatic decline. Chapter 4 investigates the capital mobility and capital allocation efficiency among Chinese provinces. We show first that the provincial savings and investment rates are significantly and positively correlated over the period of 1978-2006. According to the Feldstein-Horioka's argument (1980), this relationship can be interpreted as evidence of low capital mobility. Furthermore, by testing the causality between provincial aggregate investment and income, we fail to provide consistent evidence to support the hypothesis of efficient capital allocation in China. Chapter 5 addresses the labor force migration among Chinese regions. After a short introduction of reforms of hukou system, we derive a simple wage gap equation including education level, market potential and provincial border indicator as explaining variables. In using city and sector-level data, we find that other things being equal, the wage dispersions within provincial borders are significantly less pronounced than those among provinces over the period of 2003-2005. According to the law of one price, such findings imply a weak mobility of labor force among provinces.